Cash Back Refinancing

Cash back refinancing is a great way to pay bills, consolidate debt, or cover unexpected expenses. Our process is 100% transparent and puts you back in control of your car loan.

What Is Cash Back Refinancing?

Cash back refinancing means you replace your current auto loan with a new one that has better terms, and you receive a lump sum of cash at the same time. The amount of cash you receive is determined by how much equity you have in your vehicle. Equity is the difference between your vehicle’s value and the amount you still owe on your loan.

Potential benefits of cash back refinancing include:

Lower monthly payments

Lower interest

Cash in your pocket immediately

When you apply for cash back refinancing at Honest Car Payment, we can make a determination within an hour and provide you cash back within days.

When Does a Cash Back Auto Refinance Make Sense?

Cash back refinancing is ideal when you need immediate cash and you can get better terms on a new loan compared to your original one — either because your credit has improved or because your original lender included a high markup on your loan rate.

Financing through a car dealer often results in much higher interest rates than necessary — as in several percentage points higher. So if you originally financed through the dealership, there’s a good chance you can get a better deal now.

Why Work with Honest Car Payment?

If you’re shopping around for cash back refinancing options, it’s important to consider several factors:

If your new loan terms aren’t good enough, and you can’t make your monthly payments, your car could get repossessed

A longer loan term typically means smaller monthly payments but higher interest expense, meaning you may not save money

Unless you thoroughly inspect the fine print, you may end up facing hidden fees and unwanted surprises

Honest Car Payment does all this for you. Working with us is different than working with a dealership or loan franchise, because we’re not a lender. While small loan franchises generate financial returns in the 1,000% annually, our business model allows us to put your interests first. We take no money from banks or dealerships and you don’t pay us unless you decide to move forward with our recommendation.

How to Get Cash Back Refinancing

We know how much of a difference extra cash and lower payments can make. That’s why Honest Car Payment makes cash back refinancing easy. We do the work for you, but our process is completely transparent, and the final decision is yours. Here’s how it works:

Step 1: Your Application

We ask for some basic details about your vehicle and your current loan. If we find any unnecessary charges in your original loan contract, we’ll fight to get you a refund.

Step 2: Finding Your New Terms

Our team will source hundreds of lending institutions to find you the best terms available — without the high markups and hidden fees that other lenders charge. We’ll even negotiate on your behalf and pass the savings on to you.

Next we contact you with your new loan terms and cash back offer. We make sure you have all the information you need, and all Honest Car Payment charges are displayed transparently on your new loan contract. We’re always happy to talk through the details of your new loan and answer all your questions.

Step 3: Cash Back

If you’re happy with our recommendation, we take care of all the paperwork to set you up with your new auto loan, and you get your cash back immediately.

Is There a Downside to Cash Back Refinancing?

If you need cash and you’re eligible for a lower interest rate, there’s really no downside. However, if you’re not in need of extra cash right now, you’ll most likely save more money with traditional auto refinancing instead.

Many people never refinance because they assume it will be expensive or simply don’t know it’s an option.

It’s true that refinancing has risks when you work with lenders who aren’t working in your best interest and add unfair markups to your loan. But with Honest Car Payment, you don’t have to take those risks. Our process is quick, easy, and straightforward. All you have to do is fill out a brief application and then decide whether to move forward with the deal we find for you.